The business has grown on the back of 88% growth in micro irrigation, 84% in PVC piping and 77% growth in processed agro products and 72% growth in onion division

The EBIDTA growth for the quarter has been 52.1% at Rs.95.5 crores compared with last year�s corresponding quarter at Rs.62.8 crores

The net profit is lower at Rs. 24.5 crores down by 18.3% from last year�s Q2 level due to unrealised forex losses.

Mumbai, Oct 24, 2008 : The agri irrigation major, Jain Irrigation has declared operational results which continue to exhibit strong growth in business. The numbers reflect a 41.8% growth in revenues at Rs.463.8 crores for Q2 FY 09 as against Rs. 327.2 crores for Q2 FY 08. The domestic revenues have grown at 56.7% at Rs. 331.6 crores, while the exports have grown at 14.3% at Rs.132.2 crores. The business has grown on back of almost 88% growth in micro irrigation, 84% growth in PVC piping with new production plants in the Southern part of India, 72% growth in onion and 77% growth in processed fruit segments. The order book is also quite healthy at Rs.610 crores mainly on back of strong demand in micro irrigation (Rs.302 crores) and food processing at (Rs.171 crores).

The EBIDTA growth for the Q2 FY09 is higher by 52.1% at Rs.95.5 crores in Q2 FY 09 as against Rs.62.8 crores for the Q2 FY 08. This reflects jump in EBIDTA margins of 140 bps over the last years corresponding level. The EBIDTA margins have improved due to increased share of EBIDTA for micro irrigation, onion and fruit businesses in corporate EBIDTA, as well as, generally efficient scale of operations. However, due to unrealized notional forex loss of Rs. 18.69 crores on LT FC loans, the profit after tax at Rs.24.53 crores in Q2 FY 09 has decreased by 18.2% over the last year�s corresponding level of Rs.30 crores.

Shri Anil Jain, Managing Director said - �Our operating performance is quite robust especially in micro irrigation and fruit segments. The growth in important business segments is positively visible based upon orders in hand. We will continue our efforts across India to offer water conservation solutions to farmers to improve productivity while lowering their input costs�.

The results were approved at the Board meeting held in Mumbai on 24th October 2008.

About Jain Irrigation
Jain Irrigation is a diversified Company with more than 5,000 employees and consolidated turnover in excess of Rs.2,200 crores and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation Company in the world.